In the last analysis; we discussed. Till the Nifty Index is trading below 12300, we can see further downside towards 12150/12075/11980 levels.
Yesterday Index opened a gap down & traded on a weaker note for the whole session. By the end of the day, it made the low around 12162 levels.
The market has reached near its previous ‘Gann Square’ Breakout Range, so over here, we may see some bounce. As this range previously acted as the vital energy point for the present upswing.
If Nifty breaks & holds below the 12150-12130 range, then we can expect the down move towards the 12065/11990 range.
On the upper side, 12250 will act as resistance above that we can see the move towards 12300/12380 levels.
Resistance for today in Intraday is at 12220 above the move towards 12250/12300/12370 can be seen.
While Support for today is likely to come at, 12150 below that move towards 12120/12070/12000 can be seen.
